CAZ Launches Fund Offering Ownership Exposure to Private Asset Managers

CAZ Investments has launched the CAZ GP Stakes Growth Fund, a registered interval fund that gives investors exposure to the long-term growth of leading private asset managers.

The new fund joins the existing CAZ GP Stakes Income Fund to form the CAZ GP Stakes Fund Series, an approach the Houston-based firm calls “GP Stakes, Your Way.” Investors can pursue income, growth or a mix of both based on their objectives.

The Growth Fund reinvests distributions, aiming for long-term capital appreciation as private asset managers grow their businesses and assets.

The Income Fund launched in February and had about $150 million in assets at the end of the first quarter. In addition to private GP stakes, it invests in publicly traded shares of private markets managers such as Apollo, Ares, Blackstone, Bridgepoint Group and StepStone Group.

“We believe owning a piece of a private asset manager is one of the most attractive business models we have seen in our 25 years of investing,” said Christopher Zook, CAZ’s founder and chief investment officer. “We designed this fund series for our own personal capital, and now investors can customize their exposure to it.”

Both funds are open to all investors regardless of accreditation, with a $2,500 minimum. They offer daily pricing and subscriptions, quarterly repurchases, a flat management fee with no performance fee and 1099 tax reporting. CAZ has said its funds are expected to be available through major platforms, including Schwab, Fidelity, CAIS, iCapital and Pershing.

CAZ has allocated more than $8 billion to GP stakes over the past decade and holds minority stakes in more than 120 private asset managers across private equity, private credit and real estate.

Founded in 2001, CAZ has more than $12 billion in assets deployed and a network of more than 9,700 investors in all 50 states and 43 countries.